Zaha's former club Manchester United seem to be the only top club not interested in signing the Ivorian star as Manchester City, Tottenham, Chelsea and Arsenal are also said to be considering making a bid for him.
Hodgson, who had a spell in charge of Liverpool from 2010 until early 2011, took over at Palace in September previous year and inherited a side already in trouble at the foot of the Premier League table.
"Allowing him to play at the highest level, playing in a team where he's comfortable and he enjoys playing and being in situations where he feels, 'I'm enjoying my football and I'm helping a team do well in the league and I'm where I want to be".
"I would be very unhappy to see the day he leaves the club, I hope he will be here long after I am".
Roy Hodgson will be desperate to keep hold of his star man this summer and further build his side around Zaha ahead of next season.
"This is his club and he knows how much we and the fans value him".
While it would be a discredit to exclusively pinpoint Zaha as Palace's saviour this term, Hodgson has noticed a vast improvement in the winger's defensive work as well as being one of the league's trickier operators going forward.
"I think £50m would be the lowest he should go for".
Though Darren Moore's five-match unbeaten run came to an end at the final hurdle, the West Brom caretaker can take similar satisfaction from a brief, encouraging stint that has seen him collect more points than both Tony Pulis and Alan Pardew in a largely miserable season for the Baggies. There is still a margin to become an even better player and he's certainly working on it'.